Thomas Cook shares hit as UK earnings fall

Shares in Thomas Cook have fallen sharply after the travel firm reported a drop in profits at its UK business. Earnings at its UK division fell by 40% in the year to 30 September to £52m and the company's share price sank by as much as 13% in early trade. Despite the weak performance at its UK division, underlying earnings across the Thomas Cook group as a whole rose by £24m to £330m, helped by a recovery at its German airline Condor. Chief executive Peter Fankhauser promised to arrest the slide in the UK: "While conditions are challenging in the UK, we have implemented a set of actions to improve performance." Thomas Cook is also focusing on destinations such as Turkey and Egypt as they begin to regain popularity.